Short Interest in South Plains Financial, Inc. (NASDAQ:SPFI) Expands By 105.7%

South Plains Financial, Inc. (NASDAQ:SPFI) was the recipient of a significant increase in short interest during the month of January. As of January 15th, there was short interest totaling 139,222 shares, an increase of 105.7% from the December 31st total of 67,689 shares. Approximately 1.1% of the shares of the company are short sold. Based on an average trading volume of 74,817 shares, the days-to-cover ratio is presently 1.9 days. Based on an average trading volume of 74,817 shares, the days-to-cover ratio is presently 1.9 days. Approximately 1.1% of the shares of the company are short sold.

South Plains Financial Stock Performance

NASDAQ SPFI opened at $41.66 on Friday. The firm has a 50-day moving average price of $39.77 and a two-hundred day moving average price of $39.03. South Plains Financial has a 12-month low of $30.01 and a 12-month high of $43.90. The company has a market capitalization of $676.98 million, a P/E ratio of 12.11 and a beta of 0.60. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.13.

South Plains Financial (NASDAQ:SPFI) last released its quarterly earnings results on Monday, January 26th. The company reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.06. The company had revenue of $53.88 million during the quarter, compared to the consensus estimate of $54.11 million. South Plains Financial had a net margin of 19.69% and a return on equity of 12.75%. Analysts anticipate that South Plains Financial will post 2.85 earnings per share for the current year.

South Plains Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 17th. Investors of record on Monday, February 2nd will be given a $0.17 dividend. The ex-dividend date is Monday, February 2nd. This is an increase from South Plains Financial’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.6%. South Plains Financial’s dividend payout ratio (DPR) is 18.60%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. CWM LLC lifted its stake in South Plains Financial by 29.9% during the fourth quarter. CWM LLC now owns 2,753 shares of the company’s stock worth $107,000 after purchasing an additional 634 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in shares of South Plains Financial by 138.8% during the 4th quarter. State of Alaska Department of Revenue now owns 1,571 shares of the company’s stock worth $60,000 after buying an additional 913 shares in the last quarter. Deprince Race & Zollo Inc. boosted its stake in South Plains Financial by 33.5% in the fourth quarter. Deprince Race & Zollo Inc. now owns 106,782 shares of the company’s stock valued at $4,143,000 after buying an additional 26,767 shares in the last quarter. SG Americas Securities LLC grew its position in South Plains Financial by 31.4% in the fourth quarter. SG Americas Securities LLC now owns 5,027 shares of the company’s stock valued at $195,000 after acquiring an additional 1,202 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in South Plains Financial by 9.9% during the third quarter. JPMorgan Chase & Co. now owns 380,987 shares of the company’s stock worth $14,725,000 after acquiring an additional 34,420 shares in the last quarter. 54.95% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on SPFI shares. Zacks Research raised shares of South Plains Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Weiss Ratings reissued a “buy (b)” rating on shares of South Plains Financial in a research report on Monday, December 22nd. Hovde Group raised their price objective on South Plains Financial from $47.00 to $49.00 and gave the company an “outperform” rating in a research report on Tuesday, January 27th. Raymond James Financial lifted their target price on South Plains Financial from $42.00 to $44.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 7th. Finally, Piper Sandler reissued a “neutral” rating and set a $45.00 target price on shares of South Plains Financial in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, South Plains Financial has a consensus rating of “Buy” and a consensus price target of $46.00.

About South Plains Financial

South Plains Financial, Inc is the bank holding company for South Plains Bank, a community-oriented financial institution headquartered in Lubbock, Texas. The company operates as a full-service commercial bank, providing a broad spectrum of banking solutions to individuals, small businesses and agricultural clients. Its principal subsidiary, South Plains Bank, holds state and national banking charters and is subject to regulatory oversight by the Federal Reserve and various state banking authorities.

The company’s product offerings include traditional deposit accounts such as checking, savings and money market accounts, as well as time deposits.